Minister of Finance, Ken Ofori-Atta, is expected to present the 2021 mid-year budget review and supplementary estimates on Thursday, July 22, 2021.
This is per reliable information made available to norvanreports.
The mid-year budget to be presented by the Finance Minister will highlight government’s targeted expenditure and revenue for the first half of 2021 as well as provide projections for expected government expenditure and revenue for the second half of the year.
With regards to revenue generation, the Minister for Finance, will be expected to provide an update on the impact the introduction of the new taxes in the 2021 budget has had on revenue generation for government.
Given government’s inability to achieve its revenue target for the first quarter of this year, government is likely to either maintain or marginally review upwards taxes for the second half of 2021.
Government, for this year has set a revenue target of Ghs 72.4 billion for 2021. Out of the total target, about Ghs 70.9 billion is expected to be raised from domestic sources. Of this, non-oil tax revenue will constitute about 74 percent which will amount to Ghs 53.6 billion, equivalent to 12.4 percent of GDP.
Other issues the Finance Minister is expected to talk about in the mid-year budget will be the country’s fiscal deficit, interest payments, debt stock, among others as at the end of the first half of 2021.
